But Martin Weale, an external member of the Bank of England’s Monetary Policy Committee, which is behind both policies, will say that youngsters have got it worse.

In a speech at the University of
Manchester today he will say: ‘The last few years have been particularly
unkind to young people. No one should expect to remain unscathed while
GDP remains some 3 per cent lower than at the start of 2008…

‘But when people close to retirement
draw attention to the effects of monetary policy on annuity rates, it is
important to remember the economic reality faced by young people.’